An Indian company has launched what it says is the world’s first “cash machine” that dispenses gold and silver coins and diamond-studded jewellery.

The Gitanjali Group launched the Gold and Diamond automatic teller machine at a central Mumbai shopping mall for the annual Hindu festival of lights, Diwali, on Wednesday.

Diwali is traditionally an auspicious time for Hindus to buy gold and jewellery while Indians are the world’s biggest importers and consumers of the precious metal.

“The machine is a first of its kind anywhere in the world and will further revolutionise the processes by which precious metals and jewellery is bought,” said Gitanjali Export Corporation chief executive Sanjeev Agarwal.